TDS is applicable to every property except the agricultural property. Section 194 IA of the Income Tax Act provides that the buyers are responsible to make a payment of 1% of TDS to the government account if he is making a payment exceeding Rs. 50 Lakh to the seller of the property on the transaction of a residential property.
The concept of stamp duty was introduced in the late 19th century which made the homebuyers liable to pay a sum of money as tax while they purchase a particular property. In other words, it can be stated as the tax amount that is charged by the state government on the various documents that are required for registration.
You must plan your home loan well as the home loan tenure is one of the most crucial or important decision making factors of the home loan. There is no standard ideal duration and it should be considered based on your present financial conditions and your requirements.
In recent years there has been a boom in the real estate sector of our economy. Despite the introduction of the Real Estate Regulation Act, there have been various issues due to misrepresentation, fraud, cheating, forgery, etc
Getting a loan by mortgaging a property, is one of the most common ways to raise a lump sum of money whenever necessary at an affordable interest rate. While borrowing, one should ensure that you are not borrowing way beyond your income.
GST became favorable to the real estate market as the tax rates fell from 12% to 5% and are considered a phenomenal impact on the industry.
Most of the borrowers believe that it is easy to make a home loan transfer from one lender to another. However, transferring is similar to availing a new home loan.
According to the Central Bank (RBI) regulations, complete financing or zero down payment schemes are not made permitted. It is made important by RBI that the home buyer has a stake in the property that he is willing to purchase.
Prepayment of loan can be defined as the process wherein you pay an additional amount of the principal (greater than the amount payable as his regular EMI). This will help in reducing the outstanding principal amount and thus reduces either the EMI payable or the loan repayment tenure.
Property tax is the amount that is paid by the landowner to the municipal corporation or the local government for his/her are. The property tax must be paid every year.